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Is there a tool that can be used to simulate credit card payments?

Credit card payments once everything is used?

  • Lets say that I have a credit card of $25,000. I used all to buy something worth $20,000. Would I still get the typical monthly payment of $10-$50 or it would go up.

  • Answer:

    Depends on your credit card company, but if you charged up 20K it will be A LOT more than $10-$50. In general minimum payments run from 1%-5% of the outstanding balance. This would mean your minimum payment would be $200-$1000. But if you only paid the minimum it would take over 30 years to pay it off.

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Yes, it will go up, depend on CC company, usually it's minimum 1%-5% from balance, so it's min from $200-500. per month. Good Luck!

reality

It's going to go up or down varying on how much you owe to the card, I believe.

Rikki-Tikki-Tavi

it would be more than the standard minumum payment . and watch out because of interest charged by the credit card company! if you dont pay, it will only add up so be careful.

chena

What I can tell you is this... I had both a Mastercard and a Visa with a $1200 limit. When my Mastercard got to $800 on it I was being asked for $75/month min payment, but when I got over maxed I was only being asked for $90/month plus the part over the limit. My visa has been over maxed a few times and they've never asked for more than $80/month min payment.... and that was after I missed a month. It depends on the card and from which company as well as the interest rate and any other additional charges. I have an extra charge on my visa for "balance protection" or something like that - it sounded good at the time.

Noota Oolah

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